1992 (12) TMI 114

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... deduction under s. 37(2A) on the profit and gains arrived at before allowing deduction under s. 32A. The assessee is in appeal against the failure of the CIT(A) to give such direction and prayed that the Assessing Officer should be directed to compute deduction under s. 37(2A) with reference to profits and gains of the business arrived at before allowing deduction under s. 32A. 2. While giving e .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ains of business before allowing deduction under s. 32A, i.e., investment allowance. 4. At the time of hearing, the learned counsel for the assessee supported the ground by filing the opinion of Sampat Iyengar contained in page 2250 of his book of Law of Income-tax. According to the author, the percentage limits were to be calculated with reference to the quantum of profits and gains of the busi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X